Trump (Again) Expresses His Displeasure with Federal Reserve Raising Interest Rates

Trump Attacks Fed Reserve Chairman For Not Acting Like A 'Cheap Money' Central Banker

Neil Wilson, chief market analyst at Markets.com discusses with Proactive criticism which has been levelled at the US Federal Reserve by President Donald Trump following their decision to raise rates.

The benchmark U.S. interest rate, which plays a large role in setting borrowing costs for mortgages, credit cards, small business and auto loans, was set at a range of 0.5 per cent to 0.75 per cent when Trump was sworn in.

President Trump is preparing to slap import duties on a further $200 billion of Chinese goods, meaning that his sanctions would cover almost half of imports from the country.

This isn't the first time Trump has taken exception to the Fed's gradual interest-rate hikes.

The minutes also gave an indication the Fed was preparing to debate once again how best to implement its monetary policy. "I'm not thrilled", Trump said in an interview with Reuters.

"Many participants suggested that if incoming data continued to support their current economic outlook, it would likely soon be appropriate to take another step in removing policy accommodation", minutes of the July 31-Aug. The Fed has raised rates twice this year and is widely expected to tighten policy again next month.

Higher US rates have tended to boost the value of the dollar at the expense of the rand and other high-yielding currencies, which benefited from the ultralow interest-rate environment following the 2008-2009 global financial crisis.

"I'm not thrilled with his raising of interest rates, no".

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"I'm not thrilled with his raising of interest rates, no, I'm not thrilled", he said.

American presidents have rarely criticized the Fed in recent decades because its independence has been seen as important for economic stability. 1 meeting on Wednesday, has been raising rates gradually since 2015 and is now concerned the economy is so strong that inflation could rise persistently above its 2 percent target.

Last November, Trump nominated Powell as Fed Chairman to replace Janet Yellen when her term expired in February.

The president said that he was told by advisers that Powell liked "cheap money" before he chose him to run the Fed, according to the Wall Street Journal.

Trump has no say over the choice of the 12 regional Fed presidents like the Dallas Fed's Kaplan.

"We're going to do our business in a way that's strictly non-political, without taking political issues into consideration, and that carries out the mandate Congress has given us", he said.

Trump selected Powell for the job previous year from a short list of several prominent central bankers, praising Powell for his "wisdom" and "leadership" skills when he nominated him formally in November.

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